Levels and Plan for 24th Sept

The markets trended lower again today meeting up with the high volume up points from last week

Nifty Sept F

Background / Previous Auctions :

Medium Term :

We have maintained from Friday May 16th that the range of 7560- 7125 (spot prices) seen on that day forms the backdrop of the moves we may see in the Nifty for a considerable amount of time, as it was a 5 sigma event.

The auction remains positive as long as we close above the highs of that day (May16) ( Friday 8th Aug – low was 7540 and close of 7568) The largest drop seen on May 16 th was 432 points and the rally from 5110 has never been penetrated by a drop of more than 430 points .

Targets for the Upmove remain 7900 spot (achieved) and 8300/ 8581 in the medium term. Support at 7900/ 7500 spot.

Our Profile studies indicate 11600 as a long term target on the Nifty in 2016-17 provided 6300 holds through 2015

Short term :

On the Monthly Time frame we see September Nifty having supports at 7835 and 7706 on spot levels and targets of 8068 spot (done) and 8300 spot.

We maintain our view of expiry around 8100 levels

On the weekly TF the Sept support for the expiry week is at 8057 F .Resistance is at 8162 F now.